The Palatine village council agreed to reimburse up to $150,000 to the new owner of a strip mall on Palatine Road for the cost of planned facade and property improvements.
The strip mall, spanning 30 to 60 W. Palatine Road, is located on the north side of Palatine Road between Bothwell and Brockway streets. Current tenants include Bank of America. Siri Thai II restaurant, Kinsch Floral Market and Cook, Cork & Fork.
The property was acquired by Miceli Plazas LLC, and property owner Victor “Vic” Miceli wants to perform a variety of improvements totaling $1,003,000. That includes: $380,000 for new windows, doors, brick, concrete, painting and tuck pointing; $380,000 for roof tear-off and replacement; $100,000 to replace HVAC units; $50,000 for new sidewalks; $63,000 for parking lot repairs; and $30,000 for storm sewer replacement.
Vic Miceli’s wife and business partner, Tammy Miceli, said her husband acquired the property earlier this year.
“The old landlord didn’t improve it, so we’re trying to solve all the issues for our tenants to be happy. We’d like to improve it and draw more attention to the businesses, and see them succeed,” she said.
Vic Miceli serves on the executive committee of the Small Business Advocacy Council based in Chicago. He sold his share of the family-owned business Pulse Technology, formerly Des Plaines Office Equipment, to his brother before the COVID-19 pandemic, his wife said.
Miceli asked the village for financial assistance to offset part of the cost of improvements. One unexpected discovery was that Miceli, not the village, owns the alleyway behind the property, which led to longer discussions with the village, she said.
On Monday, the village council agreed to reimburse Miceli Plazas up to $150,000 in local tax-increment financing funds. The total would include up to $100,000 for facade improvements, $30,000 to build out spaces for sales tax-generating tenants, and $20,000 for repair/replacement of a storm sewer on the north side of the building.
Deputy Village Manager Mike Jacobs said the storm sewer improvements would benefit more than Miceli and his tenants.
“Even though it’s private, there is a benefit to all those properties to the north — that’s why we’re are viewing it a little bit different than a normal storm sewer,” Jacobs said.
According to the agreement, the work is to be completed by Dec. 31, 2022.
The only empty spot in the strip mall is 44 W. Palatine Road, Tammy Miceli said. It was formerly a dry cleaner, and Vic Miceli has a tenant lined up to open a pizza/catering business.
Vic Miceli has frequented Palatine all his life, his wife said. His grandfather owned a farm there, and the couple lived in town for a time before moving to Inverness. “He loves Palatine,” she said. “He wants to be involved and see business grow.”